Baozun H1 2026 Interim Report: Revenue Up 11%, Net Profit RMB42M, Raises 2026 Non-GAAP Operating Income Target to RMB700M
BZUN sits 34% above its 52-week low of $2.07.
Summary
Baozun's H1 2026 interim report shows revenue up 11% to RMB5.12B and a swing to RMB42M net profit, with the 2026 non-GAAP operating income target raised to at least RMB700M. Brand Management achieved its first quarterly breakeven, validating the Gap turnaround.
Key Events · Earnings and Guidance · BZUN
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H1 2026 Revenue Up 11%
Total net revenues reached RMB5,124.0 million (US$755.2 million), up 11.0% year-over-year, driven by both E-Commerce (RMB4,189.1M) and Brand Management (RMB1,023.4M, up 30.2%).
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Net Profit Swing of RMB134.7M
Net income of RMB42.0 million (US$6.2 million) compared to a net loss of RMB92.7 million in H1 2025 — a swing of RMB134.7 million, driven by operating leverage and cost discipline.
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2026 Non-GAAP Target Raised to RMB700M
Management raised the 2026 annual Non-GAAP income from operations target to at least RMB700 million, up from the prior RMB650 million, citing margin expansion in BEC and operating leverage in BBM.
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Brand Management Breakeven Milestone
Brand Management achieved its first quarterly breakeven in Q4 2025 after three years of repositioning, with GAP store count at 167 and plans to open approximately 50 new stores in 2026.
Analysis · BZUN · Trade & Services
Baozun's full H1 2026 interim report confirms the turnaround first signaled in the Q2 earnings release: revenue grew 11% to RMB5.12 billion and the company swung from a RMB92.7 million net loss to a RMB42.0 million net profit. The report also raises the 2026 non-GAAP operating income target to at least RMB700 million, up from the prior RMB650 million, reflecting management's confidence in margin expansion across both E-Commerce and Brand Management segments. Brand Management reached its first quarterly breakeven in Q4 2025, validating the Gap Greater China turnaround. The report also discloses 3.53 million RSUs granted in H1 2026 and 21.9 million shares available under the 2022 Plan, representing 12.55% of outstanding shares — a meaningful overhang for a company with a market cap of approximately $149 million.
How filings like this one have moved
In the 30 days to Oct 19, 2026, 29.4% of the 1386 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.50%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, BZUN was trading at $2.77 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $148.8M. The 52-week trading range was $2.07 to $4.67. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.